MyCreditsBad

If you are considering applying for a loan, ordering a copy of your credit report may well be the best place to start. Why? Because it’s also the first thing a potential creditor will be looking at, and even if you pay your bills on time, you will want to ensure that all the information in your credit file is up-to-date and accurate.

Studies have shown that many credit files contain inaccuracies that could affect your credit rating, and even lead to the rejection of a loan application. That’s why reviewing your credit report beforehand may be a good idea, giving you time to dispute any items that may be the result of simple human error or a technical glitch.

And depending on whether you are applying for an auto loan, a mortgage loan, or a loan for business or personal use, different lenders may apply different standards in rating your credit worthiness. For this reason, reading your credit report and understanding how your credit data might be interpreted may give you a chance to improve your credit worthiness from the point of view of a lender. If you would like to get a free copy of your credit report right now, Click Here!

Conventional loans are typically those loans that can be purchased by either Fannie Mae (FNM) or Freddie Mac (FHLMC).  Each of these quasi government agencies have similar guidelines with individual differences.

They set loan limits on the maximum loan amount they will purchase for mortgage backed securities as well as the credit guidelines for the loans that they will purchase.

Due to the failures in the system, both have tightened up their guidelines significantly over the last year.  If you do not have rock solid credit, solid verifiable income and a decent downpayment with money to spare, this may be a tough loan to obtain.